BOISE, Idaho, Sept. 13, 2016 /PRNewswire/ -- IDACORP, Inc. (NYSE: IDA) announced today that its Board of Directors approved an increase in the regular quarterly cash dividend on IDACORP's common stock of 7.8 percent to $0.55 per share. At the new rate, the indicated dividend on an annual basis is $2.20 per share.
"Today's action by the Board of Directors maintains the dividend payout ratio within IDACORP's stated long-term goal of between 50 and 60 percent of sustainable IDACORP earnings, based on the midpoint of projected 2016 annual earnings," said Darrel Anderson, IDACORP President and Chief Executive Officer. "IDACORP's Board of Directors has now approved dividend increases in each of the last five years, representing a cumulative increase of 83 percent in IDACORP's quarterly dividend. These increases are reflective of continued strong performance by the company.
"IDACORP remains committed to the target dividend payout ratio, and management anticipates recommending to the Board of Directors future annual increases of 5 percent or more until we reach the upper end of our target payout range," added Anderson.
The declaration of dividend payments and the approval of management's recommendations are at the discretion of the Board of Directors. In determining future dividend actions, the Board of Directors will continue to take into account factors such as current and projected capital requirements, the company's liquidity position and earnings, the competitiveness of the dividend yield, business cycles, credit rating impacts, legal requirements, long-term sustainability, and other factors.
IDACORP, Inc. (NYSE: IDA) is based in Boise, Idaho and was formed in 1998 as a holding company. IDACORP subsidiaries include: Idaho Power Company, a regulated electric utility; IDACORP Financial, an investor in affordable housing projects and real estate; and Ida-West Energy, an operator of small hydroelectric projects. IDACORP's origins lie with Idaho Power Company and operations beginning in 1916. Today, Idaho Power Company employs approximately 2,000 people who serve nearly 530,000 customers throughout a 24,000-square-mile area in southern Idaho and eastern Oregon. To learn more, visit www.idacorpinc.com or www.idahopower.com.
In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, outlook, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," "continues," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements are included in IDACORP, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the U.S. Securities and Exchange Commission, and subsequent reports filed by IDACORP, Inc. and its subsidiary, Idaho Power Company, with the U.S. Securities and Exchange Commission. Dividend declarations and the dividend rate are at the discretion of IDACORP, Inc.'s board of directors and depend on numerous factors, including those described in IDACORP, Inc.'s and Idaho Power Company's filings with the U.S. Securities and Exchange Commission. IDACORP, Inc.'s expectations with respect to dividends may be affected by current and projected capital requirements, IDACORP, Inc.'s liquidity position and earnings, capital expenditures, changes in cash flow, the competitiveness of the dividend yield, business cycles, credit rating impacts, legal requirements and changes in laws and regulations, financial performance, long-term financial and operational performance, expectations, and sustainability, changes in tax laws, and other factors. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP, Inc. and Idaho Power Company disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
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SOURCE IDACORP, Inc.